Free Life Policy Provisions Options and Riders Practice Questions
New York Life exam (series 17-51) — 141 practice questions.
Subtopics: Free look, Grace period, Incontestability, Reinstatement, Misstatement of age, Accelerated benefits, Policy loan, Nonforfeiture options, Dividend options, Settlement options, Beneficiary change, Waiver of premium, Flexible premium grace, Death during grace, Suicide exclusion, Permitted exclusions, Exclusion refund, Policy loan rate, Policy loan availability, Reinstatement interest, Reinstatement period, Mail-order free look, Dividends, Nonforfeiture table, Equal shares, Accelerated benefit notice, Accelerated benefit timing, Group accelerated benefits, Statements in contest, Required policy provisions, Entire contract, Ownership, Assignment, Collateral assignment, Suicide clause, Beneficiary primary, Contingent beneficiary, Revocable beneficiary, Irrevocable beneficiary, Per stirpes, Common disaster, Spendthrift clause, Settlement lump sum, Interest only, Life income option, Fixed period option, Fixed amount option, Cash surrender, Reduced paid-up, Extended term, Automatic premium loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, Guaranteed insurability, Cost of living rider, Long-term care rider, Spouse and child riders, Aviation exclusion, War exclusion, Retained asset account, Incontestability clause, Cash surrender value option, Surrender charge, Maturity date provision, Policy loan interest rate, Cash value deferment clause, Change of plan provision, Exchange privilege, One-year term dividend option, Cash dividend option, Per capita designation, Minor beneficiary, Estate as beneficiary, Class designation, Facility-of-payment clause, Uniform Simultaneous Death Act, Survivorship time clause, Changing the beneficiary, Accelerated death benefit rider, Disability income rider, Return of premium rider, Waiver of monthly deduction rider, Critical illness rider, Term insurance rider, Accidental death and dismemberment rider, Hazardous occupation exclusion, Commission-of-a-felony exclusion, Hazardous hobby exclusion, Default nonforfeiture option, Guaranteed policy loan value, Contestable period after reinstatement, Assignment notification, Third-party ownership, Automatic dividend application, Creditor protection of proceeds, Trust as beneficiary, Owner's right to dividends, Contingent owner, Net cash surrender value, Accidental death benefit, Incontestable exception, Incontestable typical period, Grace period standard, Grace period length, Reinstatement window, Reinstatement advantage, Suicide clause period, Misstatement of sex, Free look refund, Change of beneficiary, Primary beneficiaries share, Tertiary beneficiary, No beneficiary living, Settlement interest taxation, Life income period certain, Settlement option choice, Extended term duration, Nonforfeiture purpose, Policy loan unpaid lapse, Automatic premium loan election, Dividend options default, Accelerated benefit effect, Accelerated benefit tax, Chronic illness rider, Waiver of premium waiting, Guaranteed insurability options, ADB time limit, Accidental death exclusions, Other insured rider conversion, Assignment and beneficiary, Payor rider ends
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. The standard free-look (right to examine) period required on an individual New York life policy is at least:
10 days
New York requires a free-look period of not less than 10 nor more than 30 days from delivery (30 days for policies sold by mail order), with a refund of premium.
2. A New York individual fixed-premium life policy must provide a premium grace period of at least:
31 days
For fixed-premium policies New York requires a 31-day (or one-month) grace period; flexible-premium policies receive a 61-day grace period.
3. A New York life policy generally becomes incontestable after it has been in force during the insured's lifetime for:
2 years
After 2 years a New York life policy is incontestable except for nonpayment of premium and certain stated exceptions.
4. To reinstate a lapsed New York life policy, the owner generally must provide:
Proof of insurability and overdue premiums with interest
A lapsed policy may be reinstated within three years of default (unless cash value is exhausted or extended term has expired) with evidence of insurability and overdue premiums plus interest of no more than 6% per year.
Practice: Life Policy Provisions Options and Riders
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
